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Bilyonaryo - Business

Kazuo demands payment of Okada’s P2-B loan as tug of war with Tonyboy Cojuangco gets messier

  • July 1, 2022
  • Bilyonaryo.com

Japanese billionaire Kazuo Okada has demanded Okada Manila to release nearly P2 billion to a contractor as the rift with businessman Tonyboy Cojuangco takes a turn for the worse.

Business as usual: Kazuo Okada’s group claims ‘all is well’ despite freezing of bank assets

A man named Maximo Modesto Noel Flores, who claimed to be an assistant corporate secretary of Okada, issued a certification on June 10 to tap Tiger Resort funds to settle a supposed P2 billion debt to Transasia Construction Development Corp.

Flores claimed the debt payment was authorized by Cojuangco to cover services rendered at a discounted rate.

Tiger Resorts Asia warns against dealing with Kazuo Okada, Tonyboy Cojuangco after hotel heist

But the other set of Okada officers said it was all a ruse to milk money off of the company.

“Despite the banks freezing the local accounts of Okada Manila, the Kazuo Group has reportedly authorized the disbursement of billions of pesos to Transasia Construction Development Corp. (TCDC),” said the incumbent board which has been recognized by Tiger Resort’s head office.

Kazuo Okada, Tonyboy Cojuangco face criminal raps after ‘hostile casino takeover’

It was made to appear that Tiger Resort Leisure and Entertainment Inc. (TRLEI) incurred a large amount of indebtedness to TCDC, as one of its main contractors,” he added.

“However, after a thorough review and investigation of the records by TRLEI, it discovered that there were no outstanding accounts payable,” noting it was an overpayment now worth P9 billion.

Preserving status quo daw! Kazuo Okada twists SC order by installing 3 new faces on Tiger Resort board through thuggish takeover

The incumbent board said it cut ties with TCDC after issues encountered with previous contracts, and was even set to file for arbitration to collect overpayments despite the supposed non-delivery of services and other obligations.

“TCDC is reportedly led by Dindo Espeleta himself, a former officer of TRLEI who was also involved in the seizure of the hotel premises on May 31. Thus, he is undoubtedly a stakeholder in these transactions–he has nothing to lose and everything to gain from Okada’s alleged ‘indebtedness,’” the latest board added.

Brute force, intimidation: Tonyboy Cojuangco and 50 goons storm Manila casino to reinstate Kazuo Okada, ‘kidnap’ Asiabest chairman Tokuda

“Kazuo Okada and his cohorts have shown their true intentions in violently taking over the premises of Okada Manila — perverting the status quo ante order of the Supreme Court in the process — and that is to guzzle every centavo they can while the legitimate board fights them legally.”

  • Related News Tags: Japanese, Kazuo Okada, Okada Manila, Tiger Resort Leisure and Entertainment Inc., Tonyboy Cojuangco
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Usapang Bilyonaryo by Ces Drilon

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“Usapang Bilyonaryo” is a digital-first, hybrid magazine show hosted and produced by veteran broadcast journalist Ces Oreña-Drilon in cooperation with the Bilyonaryo.com team. The 30-minute TV cut airs on CNN Philippines at 8 PM every Monday, starting January 16. The full version or producer’s cut of each episode, as well as interview splices, will be posted on Bilyonaryo.com’s Youtube and Facebook accounts.

 

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